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EURUSD drops sharply from 1.4050 level

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 7, 2009.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    After touching 1.4027 resistance, EURUSD drops sharply from 1.4050 level, suggesting that the pair remains in short term downtrend from 1.4197. Deeper decline is still in favor, and the next target is to test 1.3748 previous low support. Near term resistance is now at the falling trend line from 1.4197 to 1.4050, and followed by 1.4050, as long as the trend line resistance holds, we’d expect the downtrend to continue.

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